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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Building approvals in April came in significantly weaker than expected with an 8.1% m/m drop and March revised down to -1.0%. This brought the annual rate down to -24.1% y/y from -17.6%. With demand for housing very high, house prices rising again and rents soaring, the April data is not good news and indicates that the supply of housing has not yet responded to current conditions. While it is negative for the growth outlook, it signals further upside pressure on rents and thus overall inflation.
- While the highly volatile multi-dwelling component sank 16.9% m/m, private houses were down 3.8% after -3.7% the previous month to be 18.6% lower than a year ago.
- At 11594, this was the lowest number of building approvals since April 2012. A concerning result. The weakness was driven by Queensland, Victoria and WA with the other states posting rises.
- The value of residential building work fell across components with only non-residential building rising both on the month and year.
Australia building approvals y/y%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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